Yes, if all is as it should be in good condition one should see 13.5 - 14.2 Volts when the engine is running at least 3000 RPM.
Below this, and it will be somewhere in the 12-13V range.
Justin is correct - a simple 1N4001 or preferrably 1N4002 rectifier from Radio Shack could handle the duty of the small diodes (I don't
recall what is in the diode board at the moment, but these would serve as viable substitute).. The large diodes however, you would have
to get from an electronics wholesaler or through a place that rebuilds automotive alternators I think that these are 1N3660 or 1n3661
equivalent power rectifiers.
One thing that you may want to check before you go much further, is to just try to verify that the GEN light bulb, is actually OK.
For the moment, we've been assuming that it is OK and can pass current, but if somehow it is no longer passing current
after all these electrical shenanigans occurred, it can send you barking up the wrong tree. You can check this by using your
voltmeter, and with the key in the ON position (but don't start the engine) you should be able to see pretty close to 12V at the
D+ terminal of the regulator (if you see 12V on any of the terminals of the regulator - if you can get to them - then the light bulb
is most likely fine).
[EDIT: After thinking this over, I realise that IF the diode board is still connected and IF one or more diodes have failed in a shorted
condition then the only way to properly perform the above test of the GEN light continuity is to do it with diode board cables disconnected]
It is possible, but the odds are against you that the diode board is OK and it is just the voltage regulator that is dead in a very specific
way that could cause this. If you have a buddy that will loan you his regulator, all you would have to do is put in in place of yours and
just turn the key on (no need to start engine) and see if the GEN light does come on at that point. IF that is the case, then
you *might* still have an issue with the diode board, or not, but you definitely had a problem with the regulator.
IF changing the regulator doesn't make the light come on just by turning the ignition to the ON position, then you do have at least
(1) dead diode (possibly more) in your diode board that are behaving as short circuits.
So, if you can borrow or find a proper regulator cheaply, it *might* enable you to do a bit more diagnoses and possibly eliminate
the diode board as a failed unit, but I don't think that the odds of that being true are very high. It might not be a bad idea to have
a spare voltage regulator around anyhow, I guess.
Good luck with finding a thunderchild unit over there - I hope that you are successful. They have a good reputation over here and many
airhead owners use their board in place of the BMW unit whenever something like this happens.
If you are interested in knowing a bit more about how the charging system works, this person has a bit on his website that is a
simplified, but basically correct explanation of the charging system, diode board, etc. functions with a diagram.
http://tinyurl.com/5bppnj